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14/03/2012

Jamie Broderick va quitter JP Morgan AM

Jamie Broderick, le responsable européen de JP Morgan Asset Management, va quitter la société à la fin de l’année, selon les informations de Financial News. Il avait rejoint l’entreprise en 1993. La société n’a pas précisé où il allait et qui le remplacerait.
14/03/2012

Renta 4 achète une société de gestion patrimoniale au Chili

L’espagnol Renta 4 a entamé son activité en Amérique latine avec l’acquisition de 70 % la société de gestion patrimoniale et de conseil chilienne K2 Corredores de Bolsa, S.A.au travers de sa filiale Renta 4 Chile SaP, rapporte Funds People. La transaction doit être bouclée d’ici au 30 mars.D’autre part, Renta 4 obtient la possibilité d’acquérir les 30 % restants de K2 dans le courant de l’exercice 2017 par le biais d’un échange d’actions.
14/03/2012
Fonds

JP Morgan observe une pause sur Junius Real Estate Partners

Faute d’appétence de la part des investisseurs pour ce projet à haut risque et haut rendement, JPMorgan Chase a pour le moment cessé de déployer des efforts pour lever des capitaux supplémentaires pour Junius Real Estate Partners, la structure qui devait coiffer un fonds immobilier de 750 millions de dollars, rapporte The Wall Street Journal. Cependant, la banque n’a pas abandonné tout espoir de lever ultérieurement des capitaux et elle investit elle-même en compte propre dans le fonds.Cela constitue en tous cas un échec pour JPMorgan Asset Management, dont l’encours de la plate-forme immobilière représente environ 55 milliards de dollars en immeubles, infrastructures et autres investissement.
Fonds
14/03/2012

Le Qatar est devenu le troisième actionnaire du groupe Total

Selon le quotidien Les Echos, le Qatar a acquis 2 % du capital de Total, depuis cet été, ce qui représente une participation évaluée à plus de 2 milliards d’euros. Ces achats de titres auraient été discrètement réalisés par deux fonds souverains, avant d'être récemment regroupés au sein de Qatar Holdings. L’Emirat dispose désormais d’une participation équivalente à celle du fonds chinois SAFE (State Administration of Foreign Exchange), rentré au capital de Total en 2008, précise le quotidien.
14/03/2012

Axiom Alternative Investments lance Axiom 2013

Axiom Alternative Investments, société de gestion spécialisée dans la dette hybride, annonce le lancement d’Axiom 2013, un fonds investi sur les obligations d’échéance courte (juin 2013) avec un rating supérieur ou égal à BB- (S&P).Axiom estime que le contexte est particulièrement favorable au secteur bancaire, «la BCE ayant adopté une mesure historique de refinancement à trois ans des prêts bancaires et de la liquidité des marchés monétaires de la zone euro (LTRO)», souligne un communiqué.Axiom Alternative Investments gère environ 250 millions d’euros d’actifs. Sa gamme est composée de trois fonds ouverts au public (Axiom Obligataire, Axiom Premium et désormais Axiom 2013). La société propose également des mandats de gestion.. Jusqu'à présent, Axiom Alternative Investments commercialisait ses produits principalement auprès de clients institutionnels et de family offices. Le gestionnaire approche désormais une clientèle constituée de particuliers au travers du canal des CGPI (conseillers en gestion de patrimoine indépendants).
14/03/2012

La Société Générale lance Private Investment Banking

Le français Société Générale vient de lancer en Espagne un service intégral de conseil, Private Investment Banking, qui s’adresse aux grandes fortunes qui contrôlent un holding ou qui disposent d’un family office, rapporte Funds People.Les solutions offertes se fondent sur l’expérience et la connaissance de la clientèle des équipes de Société Générale Private Banking et de Société Générale Corporate & Investment Banking.Le développement de cette activité est confié à Galeazzo Pecori Giraldi.
14/03/2012
Fonds

Cinven : Premier closing pour la levée de son cinquième fonds

Selon Les Echos, Cinven vient de boucler le premier closing de la levée de son cinquième fonds, à 3 milliards d’euros sur les 5 milliards visés, et se donnerait jusqu'à la fin de l’année pour clôturer définitivement sa levée. Selon un proche du dossier, la répartition géographique n’aurait pas évolué par rapport à celle du fonds précédent. Les 3 milliards d’euros ont été souscrits à 40 % par des Limited Partners américains, comme en Europe, et à 20 % par des investisseurs asiatiques, détaille le quotidien.
Fonds
14/03/2012

comdirect recrute chez DAB bank

Thomas Pickard, qui était associate director sales B2B chez DAB bank, a rejoint comdirect bank (groupe Commerzbank) comme directeur de la distribution B2B, indique Fonds professionell. Il est plus particulièrement chargé des prestataires indépendants de services financiers et des clients institutionnels.
14/03/2012

Sarasin creates a new share class for AgriStar

The AgriSar equity fund from Sarasin (Safra group), whose assets total GBP169m, also includes a new “D” share class, whose management commission is 1.75%, rather than 1.5% for the existing A class. However, the share class charges no commission (of 15%) on performance exceeding the MSCI World index, Investment Week reports. The fund, managed by Henry Boucher and Mark Whitehead, is focused on the global food and agriculture sectors.
14/03/2012

Man launches a long-only commodities UCITS fund

UK-based Man Group is launching the Man Commodities funds, exposed to the Man Systematic Commodity Index, which is composed of 25 liquid futures contracts on precious and industrial metals, energy and soft commodities, Investment Europe reports.The UCITS-compliant, long-only product, which is managed by Scott Kerston, has seed capital of USD50m. Its objective is to outperform funds passively replicating indices, while limiting the risk of loss.The fund will be created in the Systematic Strategies unit led by Sandy Rattray, the founder of the VIX index, and will have a capacity of USD5bn, the Financial times reports.
14/03/2012

FSA fines a Credit Suisse head

The Financial Services Authority (FSA) has fined Nicholas Kyprios, head of European Credit Sales at Credit Suisse in London, GBP210,000 for improper market conduct in disclosing client confidential information ahead of a significant bond issue in November 2009.Credit Suisse acted on behalf of Liberty Global, Inc. (Liberty) during its takeover of UnityMedia GmbH (UnityMedia) which was part-financed by a EUR2.5 billion bond issue. So that he could market the bond to clients, on 9 November 2009, Kyprios was wall-crossed regarding the takeover and the proposed bond issue. He was given confidential information by Credit Suisse, told that it was inside information and instructed in writing not to disclose it to third parties, explains the UK regulator. «On 11 November 2009 Kyprios called a fund manager to invite him to the bond issue road show. The fund manager told Kyprios he did not want to be wall crossed. Although Kyprios did not have a pre-meditated intention to disclose the client confidential information, the fund manager asked Kyprios about the bond issue and in response Kyprios engaged in a guessing game, including advising when the fund manager was “getting warmer”. Kyprios was an active participant in the guessing game and could have extracted himself before straying into dangerous territory but he did not do so.As a result of the guessing game, Kyprios signalled confidential information to the fund manager», according to the FSA.
14/03/2012

Promotions at Eaton Vance

The US-based asset management firm Eaton Vance Corp (USD197bn in assets as of the end of January) has announced the election of Laurie G. Hylton and Daniel C. Cataldo as chief financial officer (CFO) and Treasurer, respectively. They replace Robert J. Whelan, who has resigned, and had previously held both positions.Since 1997, Hylton had been chief accounting officer. Cataldo, for his part, had been director of financial planning & analysis, since 2000.
14/03/2012

Federal Finance recruits a head of international development

Federal Finance has recruited Estelle Merger-Lévis as head of international development, a newly-created position, a sign of an ambition on the part of the asset management firm of the Crédit Mutuel Arkéa group to move beyond the borders of France. Merger-Lévis, who began in her new role on Monday, will be based in Paris, and comes as an addition to the external development team. Merger-Lévis will initially focus on Europe, and particularly Scandinavia and Switzerland, she tells Newsmanagers. She adds that all types of clients will be targeted. Funds from Federal Finance Gestion will be involved in this new international development strategy, as well as funds from Schelcher Prince Gestion, a firm in which the company has held a 51% stake since July. Merger-Lévis, who has 15 years of experience in financial markets, had since 2011 beetn at Viel Tradition, where she assembled a bond sales team targeting French mutualist banks. She had previously worked at Natixis, where she was director of a team of vendors specialised in structured products.
14/03/2012

Banque Postale AM posts EUR700m in inflows in 2011

At a presentation of its 2011 annual results, La Banque Postale announced that its affiliate La Banque Postale Asset Management has posted inflows of EUR0.7bn, related to life insurance asset management. Assets under management total nearly EUR124.5bn as of the end of December 2011 (down by EUR1.5bn compared with the end of 2010). As of 31 December 2011, La Banque Postale Gestion Privée had EUR1.2bn in assets under management, with net inflows of EUR436m, and over 15,000 mandates managed by the affiliate.Tocqueville Finance, the affiliate dedicated to portfolio management specialised in value management, 90% controlled by La Banque Postale (see Newsmanagers of 25 January 2012), has EUR1.2bn in assets under collective management as of the end of December 2011.La Banque Postale has posted inflows to life insurance of EUR1.5bn in assets, in a declining market. Assets total EUR109bn as of the end of 2011, up 0.6% compared with 2010.Meanwhile, net banking income (NBI) totalled EUR5.231bn in 2011, up 0.3% compared with the previous year. NBI for the retail bank, which represents 96% of NBI for La Banque Postale, was stable (+0.2%). The contribution of asset management to NBI was 2.3% in 2011.
14/03/2012

CalPERS revises its return objectives downwards

The retirement and health-benefits commission at CalPERS has recommended that the projected annual return of the fund be revised downward to 7.50% from 7.75%, the Wall Street Journal reports. If the motion is approved on Wednesday by a plenary session of the board of trustees, it would be the first time in nine year that CalPERS has lowered its global investment objective.In 2011, the fund earned returns of 1.1%, compared with an average of 8.3% in the past three years, and 5.1% over the past ten years. The chief actuary has supported the commission’s decision, as the current inflation projection is, in his opinion, too high.
14/03/2012

Scott Sipple promoted at Putnam

Bob Reynolds, president and CEO of Putnam Investors, on 13 March announced the promotion of Scott C. Sipple, strategic relationship chief, as head of investment product management and development. This explicitly means that Jeff Carney, who has resigned, will not be replaced as head of marketing and product.Sipple, who joined Putnam in 2009 (and formerly worked at Fidelity, like Carney), will oversee both Mark McKenna, head of advertising and sport sponsorships, and Jon Goldstein, head of strategic communications. He will report to the global head of distribution, William Connolly.
14/03/2012

PhiTrust Active Investors acquires a stake in LC Capital

PhiTrust Active Investors, a French asset management firm specialised in responsible investment, has acquired a majority stake in the venture capital firm LC Capital, specialised in financing and assisting technologically innovative private companies. “The experience of the LC Capital company will complement and strengthen the expertise of PhiTrust in financing and assisting social innovation, and will allow it to extend its product range to include FCPR/FCPI type funds,” a statement explains. As a part of the operation, the asset management firm LC Capital will become known as “PhiTrust Impact Investors.” It will aim to develop and manage thematic investment funds with a strong social and environmental impact.
14/03/2012

Anne Courrier becomes chairwoman of the board at Fédéris Gestion d’Actifs

Anne Courrier has been appointed as chairwoman of the managing board at Fédéris Gestion d’Actifs, an asset management firm of the Malakoff Médéric Group, which she joined in June 2010 a CEO and member of the board.Courrier had previously served in various positions at the French national pension fund, the Fonds de Réserve pour les Retraites, including the position of chief investment officer in charge of overseeing bond mandates, head of the publicly-traded asset management department, and head of delegated management, a statement says.Fédéris Gestion d’Actifs has EUR23.5bn in assets under management in mandated portfolios and OPCVM (mutual) funds.
14/03/2012

Comdirect recruits a director from DAB bank

Thomas Pickard, who had been associate director of B2B sales at DAB bank, has joined comdirect bank (Commerzbank group) as director fo B2B distribution, Fonds professionell reports. He will be in charge of independent financial services providers and institutional clients.
14/03/2012

Major net subscriptions for mutual funds in February

Morningstar reports that US mutual funds in February posted their strongest net inflows in nearly two years, totalling USD43.8bn.However, US equity funds continued to see net redemptions, totalling only USD1.2bn, which is the lowest level in the past ten months for this category.Passive US equity funds collected a net total of USD20.1bn in the past twelve months under review, while actively-managed funds saw net redemptions of USD134.4bn.In February, Morningstar adds, the fund with the strongest net subscriptions, at USD2.4bn, was the DoubleLine Total Return. The fund with the largest net outflows (USD3.1bn) was the Growth Fund of America from American Funds.
14/03/2012

Renta 4 acquires a wealth management firm in Chile

The Spanish firm Renta 4 has kicked off its activities in Latin America with the acquisition of a 70% stake in the Chilean wealth management and advising firm K2 Corredores de Bolsa, S.A., via its affiliate Renta 4 Chile SaP, Funds People reports. The transaction is expected to be closed by 30 March.Renta 4 has also been offered the opportunity to acquire the remaining 30% of K2 during the 2017 fiscal year via a share exchange.
14/03/2012

La Société Générale lance Private Investment Banking

Le français Société Générale vient de lancer en Espagne un service intégral de conseil, Private Investment Banking, qui s’adresses aux grandes fortunes qui contrôlent un holding ou qui disposent d’un family office, rapporte Funds People.Les solutions offertes se fondent sur l’expérience et la connaissance de la clientèle des équipes de Société Générale Private Banking et de Société Générale Corporate & Investment Banking.Le développement de cette activité est confié à Galeazzo Pecori Giraldi.
14/03/2012

Profits down at Partners Group

The Swiss asset management firm Partners Group has announced operating revenues for the 2011 fiscal year down 8% to CHF346m, on an EBITDA down to CHF212m, from CHF250m in 2010. Adjusted net profits were also down sharply, from CHF302m to CHF212m in 2011. At the end of 2011, Partners Group posted assets under management of EUR24.8bn. For the 2011 fiscal year as a whole, net inflows totalled EUR4.2bn (see Newsmanagers of 12 January 2012).
14/03/2012

Hedge funds will have to pay higher insurance premiums

Hedge funds will be required to pay an average of 5% to 10% more to buy insurance for their administrators and directors, due to an expected increase in litigation in the wake of insider trading investigations, the Financial Times reports, citing a survey by SKCG.
14/03/2012

SGSS selected for Emergence Sicav

Société Générale Securities Services (SGSS) on Tuesday, 13 March announced that it has been appointed following a call for proposals from the board of directors of the “Emergence” Sicav to provide depository and valuation services to the delegated manager of the fund, NewAlpha AM. Emergence, launched at the initiative of the Paris financial centre, with assets of EUR120m, allows young asset management firms to manage capital at their first inception, so that they can rapidly reach critical mass.To this end, SGSS has been retained due to its ability to meet information and reporting requirements of institutional investors, including the transparency requirements imposed by Solvency II regulations, a statement says.
14/03/2012

Credit Value Partners creates a “distressed” fund

The asset management boutique Credit Value Partners of New York has filed with the SEC plans to raise up to USD400m for a bond hedge fund specialised in debt from distressed businesses, entitled Credit Value Partners Distressed Duration fund, which is registered in Delaware, Investment Europe reports.The asset management firm, which has been independent since 2010, is led by four former Credit Suisse employees, and is not allowed to make public statements about strategy, as the fund will be offered as a private investment. Minimal initial subscription will be USD5m.
14/03/2012

JP Morgan WSS appoints a head of pension funds

JP Morgan Worldwide Securities Services has announced the appointment of Jemma Broadgate as head of pension fund and charity institution clients. Broadgate had previously served these clients at JP Morgan WSS, since 2007. Benjie Fraser has been appointed as global pensoin executive at WSS, also serving pension fund clients.
14/03/2012

Cost/income ratio improves at M&G

For 2011, the British Prudential group has announced operating profits of GBP2.07bn, compared with GBP1.94bn, of which GBP301m, compared with a record GBP246m in 2010 (an increase of 22%) are for the asset management firm M&G Investments, “on the basis of operating profit based on longer-term investment returns.” The cost/income ratio at M&G improved to 60% from 63%.Net subscriptions fell to GBP4.4bn, compared with GBP9.1bn, while the profession as a whole underwent net outflows of GBP69bn; total assets as of the end of December were up 2% for the year, at GBP201bn, of which GBP92bn (+3%) were for third parties.
14/03/2012

Liontrust acquires Walker Crips AM for 2% of its assets

The British firm Liontrust Asset Management plc on 13 March announced the acquisition for a total fo GBP12.35m of Walker Crips Asset Managers Ltd (WCAM) from Walker Crips Group (WCG). This acquisition price represents 2.04% of assets at WCAM, reported at GBP604m as of 29 February, in four retail funds (CF Walker Crips UK Growth Fund, CF Walker Crips Equity Income Fund, CF Walker Crips UK High Alpha Fund, CF UK Fund), with GBP441m, and GBP163m in two mandates. This will put assets under management at Liontrust above GBP2bn.The WCAM name will disappear, and the four retail funds will adopt the Liontrust name. The two co-directors of WCAM, Stephen Bailey and Jan Luthman, will join Liontrust when the acquisition is complete. They have agreed to forego the GBP2.4m which they would have been entitled to receive for their 20% stake in WCAM, preferring instead to negotiate an arrangement with Liontrust.The other three WCAM funds (CF Walker Crips Corporate Bond Fund, CF Walker Crips Select Income Trust and CF Walker Crips Global Growth Trust) will be transferred to a new asset management firm at WCG Group, as many WCG clients are invested in these funds.
14/03/2012

Profits up 21% at Standard Life Investments

While operating profits at Standard Life were up 28% to GBP544m, profits from asset management, mostly Standard Life Investments, increased by 21.4% in 2011, to GBP125m.However, net subscriptions fell to GBP4.3bn, compared with GBP6.2bn, of which GBP1.64bn were for British mutual funds, compared with GBP2.2bn.Assets at the end of the fiscal year for “fee business” (asset management for third parties) totalled GBP71.8bn, compared with GBP71.6bn as of 31 December 2010, but the transfer of Global Liquidity Funds (GBP3.9bn) and negative market effects slowed the increase, while gross inflows totalled GBP12.9bn.

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